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Tag: Great Gulf

Typically, where there’s smoke there’s a fire. But sometimes the wood is too wet and all you get is smoke. That describes the current situation on the west end of Turtle Creek’s Gillespie and Fairmount streets.

You may recall the hooplah last June when it was reported that the owners of the Turtle Creek Gardens condos located at 2525 Turtle Creek Boulevard had been sold to a developer. The deal was rumored to have been with JLL and a price of $43 million. The deal was to have closed in October and the move-outs complete by February 2017.

I’d heard back in November that the closing had been moved due to troubles securing financing. This seemed odd since it was also rumored that development plans were within current zoning restrictions. As one source said, “If you can’t get funding for a by-rights plan, something’s got the bank spooked.” The “spooking” they said wasn’t the buyer or the deal, but rather banks being skittish of Dallas. With all the construction cranes spread across the area, I’ll let you decide if that rings true.

I was close when I wrote about this building on Fairmount near Turtle Creek a few weeks ago. At the time, the City of Dallas had posted online a site plan for the building that had some details, but it took a trip to City Hall (not in handcuffs) to look at the drawings. I felt like one of Charlie’s Angels snapping pictures of the exterior and floor plans – although my iPhone is considerably smaller than their suitcase phone and tissue box-sized camera.

I thought I’d sleuthed out the name as being “The Pearl,” but I find that it’s actually still unnamed. But The Pearl isn’t a bad name, is it?

As you can see, the building is very attractive with glass and generous balconies. Clearly these Canadian developers are balcony mavens just like me.

Remember having an imaginary friend? Well, we play this game by building an imaginary condo in whatever part of town we want, we design it from top to bottom, and we and name it.

Anyhoo, a very sharp reader who has more google sense than I do (sometimes I get tired, dear folks, but only sometimes) sent me this link to Steve Brown’s story on a “Canadian Builder plots Turtle Creek High Rise.”

“Toronto builders who own a prime Turtle Creek development site are asking for city approval to construct a residential high-rise.

GGH Development LLC, an affiliate of Canada’s Great Gulf Homes, wants to build a 23-story tower on the 1.4-acre site at Turtle Creek Boulevard and Fairmount Street, according to filings at Dallas City Hall.

The stone and glass residential tower would replace two low-rise office buildings, which have been demolished.

The planned residential building was designed by Hariri Pontarini Architects of Toronto and is described as a 69-unit project that will cost more than $112 million to build.”

“Drawings of the project show a curving, modern-style building with lots of glass and wide terraces.”

Uh oh. Glass.

“The developers are asking for minor zoning changes related to the height of mechanical equipment on the roof and the size of balconies on the outside of the tower.

Great Gulf Homes’ Toronto office did not respond to requests for information about the timing of the project.

GGH Development has owned the Turtle Creek site since 2008 and previously planned a larger combination hotel and residential tower on the property.

A subsidiary of Great Gulf Homes, single-family builder Ashton Woods Homes, has multiple residential developments in North Texas.

The development site that Great Gulf owns is a block from Reverchon Park and across the street from Turtle Creek.

It is in an area dominated by high-rise and midrise residential and commercial buildings and townhouses.”

Yes, folks, that is the same developer who originally wanted to do something much larger with a hotel in 2008. But then, it was 2008 and developers couldn’t borrow a postage stamp from a bank to get a building up, much less $112 million.

I love to play these games, so how much do you think these condos are going to be selling for? $112 million (if Steve is right) and 60 units… with no profit that’s $1.87 million per unit to recoup building cost, but of course there is so much more.

I am getting really, really psyched about our new condo building on Turtle Creek. And looks like this time, it’s not a game!